Stellantis N.V. STLA shares are trading higher after the company reported high sales growth for 2022 and approved a €1.5 billion ($1.6 billion) share buyback plan.
What To Know: On Wednesday prior to market open, Stellanis reported its full-year 2022 revenue. The company announced record yearly revenues of $190.97 billion, an 18% increase year-over-year.
Stellantis also approved a share buyback program of up to $1.6 billion as a result of significant cash flow generation and a strong balance sheet. The shares will be purchased over a period ending Dec. 31, pending approval from a general meeting of shareholders to be held on April 13.
"Thanks to Stellantis' record performance results achieved in 2022, we will be distributing more than €2 billion in profit-sharing and variable bonuses to Stellantis employees across the world," said Stellantis CEO Carlos Tavares.
Stellantis is one of the world's leading automakers and mobility providers with several iconic brands including Abarth, Alfa Romeo, Chrysler and more.
See Also: Nio Plans To Build Factory For Budget EVs: Report
According to data from Benzinga Pro, Stellantis shares were up 4.35%, trading at $17.39 at the time of publication. The stock has a 52-week high of $19.87 and a 52-week low of $11.37.
Photo: courtesy of Stellantis.
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